Home › Companies › MERCHANTS BANCORP › 2024-2025

MERCHANTS BANCORP 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings and MERCHANTS BANCORP’s Form 8-K, filed May 15, 2025 (Item 5.07 on EDGAR). Page generated October 14, 2026.

13Ballot items
189Asset managers
2,983Fund votes
May 15, 2025Meeting date

Results at a glance

Meeting of May 15, 2025: 13 items on MERCHANTS BANCORP’s Form 8-K, filed May 15, 2025: 13 without a stated outcome.

Material dissent

Elect Director: Anne E. Sellers 76% of votes cast Outcome not stated Director under 80%

Material dissent: a director nominee under 80% of the votes cast, say-on-pay under 70%, any other item the board put forward under 80%, or a shareholder proposal with more than 50%, on the company’s own Form 8-K tally. How this is decided

Proxy season: 2023-2024 2024-2025 2025-2026

Explore MERCHANTS BANCORP in the interactive database Compare manager voting policies

Official 2024-2025 meeting results reported by MERCHANTS BANCORP

These tallies are MERCHANTS BANCORP’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed May 15, 2025 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

MERCHANTS BANCORP — official shareholder meeting results, meeting held May 15, 2025
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Support (of votes cast)	Reported outcome	Voting standard
Elect Director: Michael F. Petrie	39,962,813	--	--	456,688	2,027,574	99%	Not verified	—
Elect Director: Randall D. Rogers	38,945,511	--	--	1,473,990	2,027,574	96%	Not verified	—
Elect Director: Tamika D. Catchings	35,562,435	--	--	4,857,066	2,027,574	88%	Not verified	—
Elect Director: Thomas W. Dinwiddie	39,052,973	--	--	1,366,528	2,027,574	97%	Not verified	—
Elect Director: Michael J. Dunlap	39,942,127	--	--	477,374	2,027,574	99%	Not verified	—
Elect Director: Scott A. Evans	39,942,007	--	--	477,494	2,027,574	99%	Not verified	—
Elect Director: Sue Anne Gilroy	35,562,479	--	--	4,857,022	2,027,574	88%	Not verified	—
Elect Director: Andrew A. Juster	35,561,764	--	--	4,857,737	2,027,574	88%	Not verified	—
Elect Director: Patrick D. O'Brien	35,542,799	--	--	4,876,702	2,027,574	88%	Not verified	—
Elect Director: Anne E. Sellers	30,841,565	--	--	9,577,936	2,027,574	76%	Not verified	—
Elect Director: Davie N. Shane	35,563,045	--	--	4,856,456	2,027,574	88%	Not verified	—
2. A non-binding, advisory vote on the compensation of the Company's named executive officers; and	35,179,573	3,025,735	2,214,193	--	2,027,574	92%	Not verified	—
3. Ratification of the appointment of Forvis Mazars, LLP as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2025	42,400,698	12,607	33,770	--	0	99.9%	Not verified	—

Source: MERCHANTS BANCORP, Form 8-K, filed with the SEC on May 15, 2025 — read the filing on EDGAR.

How asset managers voted at the MERCHANTS BANCORP 2024-2025 meeting

Each item below shows how the 189 asset managers that disclosed a MERCHANTS BANCORP vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report.

1. Elect Director: Andrew A. Juster

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

88% Majority: yes · of votes cast

FOR 88%

FOR: 35,561,764WITHHELD: 4,857,737

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: Andrew A. Juster

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Andrew A. Juster”): 35,561,764 for, 4,857,737 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 88% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 68 asset managers below reported 4,219,583 for, 3,472,393 withheld, 47,119 abstained.

FORWITHHOLD

FOR: 4,219,583ABSTAIN: 47,119WITHHOLD: 3,472,393

Largest asset managers voting on “Election of Directors: Andrew A. Juster” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Abstain	Withheld	Vote
Vanguard	1,182,314	0	0	For
Dimensional	0	0	1,172,261	Withhold
Delaware/Macquarie	0	0	864,900	Withhold
BlackRock	716,944	0	0	For
Royce	651,807	0	0	For
Fidelity	546,840	0	0	For
American Century	0	0	496,643	Withhold
Invesco	282,765	0	0	For
Goldman Sachs	0	0	206,963	Withhold
Charles Schwab	201,879	0	0	For
TIAA	141,791	0	0	For
WisdomTree	93,045	0	0	For
Columbia Threadneedle	0	0	89,855	Withhold
HOTCHKIS & WILEY FUNDS /DE/	0	0	79,500	Withhold
First Trust	0	0	76,894	Withhold
JPMorgan	68,939	6,778	0	Mixed
RBB FUND, INC.	0	0	74,185	Withhold
Prudential/PGIM	0	0	70,024	Withhold
Russell Investments	53,020	0	0	For
Principal	0	0	49,000	Withhold
SEI	48,616	0	0	For
Equitable	28,834	0	16,530	Mixed
AMERICAN BEACON FUNDS	0	0	42,420	Withhold
Advisors' Inner Circle Fund III	0	0	41,208	Withhold
Lincoln Financial	22,534	0	12,823	Mixed

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

2. Elect Director: Anne E. Sellers

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

76% Majority: yes · of votes cast

FOR 76%WITHHELD

FOR: 30,841,565WITHHELD: 9,577,936

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: Anne E. Sellers

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Anne E. Sellers”): 30,841,565 for, 9,577,936 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 76% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 68 asset managers below reported 1,248,836 for, 5,617,277 withheld, 872,982 abstained.

FORWITHHOLD

FOR: 1,248,836ABSTAIN: 872,982WITHHOLD: 5,617,277

Largest asset managers voting on “Election of Directors: Anne E. Sellers” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Abstain	Withheld	Vote
Vanguard	0	0	1,182,314	Withhold
Dimensional	0	0	1,172,261	Withhold
Delaware/Macquarie	0	0	864,900	Withhold
BlackRock	0	716,944	0	Abstain
Royce	651,807	0	0	For
Fidelity	0	0	546,840	Withhold
American Century	0	0	496,643	Withhold
Invesco	282,765	0	0	For
Goldman Sachs	0	0	206,963	Withhold
Charles Schwab	201,879	0	0	For
TIAA	0	0	141,791	Withhold
WisdomTree	93,045	0	0	For
Columbia Threadneedle	0	0	89,855	Withhold
HOTCHKIS & WILEY FUNDS /DE/	0	0	79,500	Withhold
First Trust	0	0	76,894	Withhold
JPMorgan	0	75,717	0	Abstain
RBB FUND, INC.	0	0	74,185	Withhold
Prudential/PGIM	0	0	70,024	Withhold
Russell Investments	0	0	53,020	Withhold
Principal	0	0	49,000	Withhold
SEI	0	0	48,616	Withhold
Equitable	0	0	45,364	Withhold
AMERICAN BEACON FUNDS	0	0	42,420	Withhold
Advisors' Inner Circle Fund III	0	0	41,208	Withhold
Lincoln Financial	0	0	35,357	Withhold

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

3. Elect Director: Davie N. Shane

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

88% Majority: yes · of votes cast

FOR 88%

FOR: 35,563,045WITHHELD: 4,856,456

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: David N. Shane

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Davie N. Shane”): 35,563,045 for, 4,856,456 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

The 68 asset managers below reported 4,219,583 for, 3,472,393 withheld, 47,119 abstained.

FORWITHHOLD

FOR: 4,219,583ABSTAIN: 47,119WITHHOLD: 3,472,393

Largest asset managers voting on “Election of Directors: David N. Shane” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Abstain	Withheld	Vote
Vanguard	1,182,314	0	0	For
Dimensional	0	0	1,172,261	Withhold
Delaware/Macquarie	0	0	864,900	Withhold
BlackRock	716,944	0	0	For
Royce	651,807	0	0	For
Fidelity	546,840	0	0	For
American Century	0	0	496,643	Withhold
Invesco	282,765	0	0	For
Goldman Sachs	0	0	206,963	Withhold
Charles Schwab	201,879	0	0	For
TIAA	141,791	0	0	For
WisdomTree	93,045	0	0	For
Columbia Threadneedle	0	0	89,855	Withhold
HOTCHKIS & WILEY FUNDS /DE/	0	0	79,500	Withhold
First Trust	0	0	76,894	Withhold
JPMorgan	68,939	6,778	0	Mixed
RBB FUND, INC.	0	0	74,185	Withhold
Prudential/PGIM	0	0	70,024	Withhold
Russell Investments	53,020	0	0	For
Principal	0	0	49,000	Withhold
SEI	48,616	0	0	For
Equitable	28,834	0	16,530	Mixed
AMERICAN BEACON FUNDS	0	0	42,420	Withhold
Advisors' Inner Circle Fund III	0	0	41,208	Withhold
Lincoln Financial	22,534	0	12,823	Mixed

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

4. Elect Director: Michael F. Petrie

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 39,962,813WITHHELD: 456,688

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: Michael F. Petrie

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Michael F. Petrie”): 39,962,813 for, 456,688 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 99% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 68 asset managers below reported 7,689,121 for, 43,040 withheld, 6,934 abstained.

FOR

FOR: 7,689,121ABSTAIN: 6,934WITHHOLD: 43,040

Largest asset managers voting on “Election of Directors: Michael F. Petrie” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Abstain	Withheld	Vote
Vanguard	1,182,314	0	0	For
Dimensional	1,172,261	0	0	For
Delaware/Macquarie	864,900	0	0	For
BlackRock	716,944	0	0	For
Royce	651,807	0	0	For
Fidelity	546,840	0	0	For
American Century	496,643	0	0	For
Invesco	282,765	0	0	For
Goldman Sachs	206,963	0	0	For
Charles Schwab	201,879	0	0	For
TIAA	141,791	0	0	For
WisdomTree	93,045	0	0	For
Columbia Threadneedle	89,855	0	0	For
HOTCHKIS & WILEY FUNDS /DE/	79,500	0	0	For
First Trust	76,894	0	0	For
JPMorgan	68,939	6,778	0	Mixed
RBB FUND, INC.	74,185	0	0	For
Prudential/PGIM	70,024	0	0	For
Russell Investments	53,020	0	0	For
Principal	49,000	0	0	For
SEI	48,616	0	0	For
Equitable	45,364	0	0	For
AMERICAN BEACON FUNDS	42,420	0	0	For
Advisors' Inner Circle Fund III	0	0	41,208	Withhold
Lincoln Financial	35,357	0	0	For

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

5. Elect Director: Michael J. Dunlap

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 39,942,127WITHHELD: 477,374

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: Michael J. Dunlap

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Michael J. Dunlap”): 39,942,127 for, 477,374 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

The 68 asset managers below reported 7,623,360 for, 109,575 withheld, 6,160 abstained.

FOR

FOR: 7,623,360ABSTAIN: 6,160WITHHOLD: 109,575

Largest asset managers voting on “Election of Directors: Michael J. Dunlap” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Withheld	Vote
Vanguard	1,182,314	0	For
Dimensional	1,172,261	0	For
Delaware/Macquarie	864,900	0	For
BlackRock	716,944	0	For
Royce	651,807	0	For
Fidelity	546,840	0	For
American Century	496,643	0	For
Invesco	282,765	0	For
Goldman Sachs	206,963	0	For
Charles Schwab	201,879	0	For
TIAA	141,791	0	For
WisdomTree	0	93,045	Withhold
Columbia Threadneedle	89,855	0	For
HOTCHKIS & WILEY FUNDS /DE/	79,500	0	For
First Trust	76,894	0	For
JPMorgan	75,717	0	For
RBB FUND, INC.	74,185	0	For
Prudential/PGIM	70,024	0	For
Russell Investments	53,020	0	For
Principal	49,000	0	For
SEI	48,616	0	For
Equitable	28,834	16,530	Mixed
AMERICAN BEACON FUNDS	42,420	0	For
Advisors' Inner Circle Fund III	41,208	0	For
Lincoln Financial	35,357	0	For

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

6. Elect Director: Patrick D. O'Brien

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

88% Majority: yes · of votes cast

FOR 88%

FOR: 35,542,799WITHHELD: 4,876,702

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: Patrick D. O'Brien

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Patrick D. O'Brien”): 35,542,799 for, 4,876,702 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

The 68 asset managers below reported 4,219,583 for, 3,472,393 withheld, 47,119 abstained.

FORWITHHOLD

FOR: 4,219,583ABSTAIN: 47,119WITHHOLD: 3,472,393

Largest asset managers voting on “Election of Directors: Patrick D. O'Brien” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Abstain	Withheld	Vote
Vanguard	1,182,314	0	0	For
Dimensional	0	0	1,172,261	Withhold
Delaware/Macquarie	0	0	864,900	Withhold
BlackRock	716,944	0	0	For
Royce	651,807	0	0	For
Fidelity	546,840	0	0	For
American Century	0	0	496,643	Withhold
Invesco	282,765	0	0	For
Goldman Sachs	0	0	206,963	Withhold
Charles Schwab	201,879	0	0	For
TIAA	141,791	0	0	For
WisdomTree	93,045	0	0	For
Columbia Threadneedle	0	0	89,855	Withhold
HOTCHKIS & WILEY FUNDS /DE/	0	0	79,500	Withhold
First Trust	0	0	76,894	Withhold
JPMorgan	68,939	6,778	0	Mixed
RBB FUND, INC.	0	0	74,185	Withhold
Prudential/PGIM	0	0	70,024	Withhold
Russell Investments	53,020	0	0	For
Principal	0	0	49,000	Withhold
SEI	48,616	0	0	For
Equitable	28,834	0	16,530	Mixed
AMERICAN BEACON FUNDS	0	0	42,420	Withhold
Advisors' Inner Circle Fund III	0	0	41,208	Withhold
Lincoln Financial	22,534	0	12,823	Mixed

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

7. Elect Director: Randall D. Rogers

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 38,945,511WITHHELD: 1,473,990

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: Randall D. Rogers

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Randall D. Rogers”): 38,945,511 for, 1,473,990 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 96% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 68 asset managers below reported 7,373,003 for, 359,829 withheld, 6,263 abstained.

FOR

FOR: 7,373,003ABSTAIN: 6,263WITHHOLD: 359,829

Largest asset managers voting on “Election of Directors: Randall D. Rogers” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Withheld	Vote
Vanguard	1,182,314	0	For
Dimensional	1,172,261	0	For
Delaware/Macquarie	864,900	0	For
BlackRock	716,944	0	For
Royce	651,807	0	For
Fidelity	546,840	0	For
American Century	496,643	0	For
Invesco	282,765	0	For
Goldman Sachs	206,963	0	For
Charles Schwab	0	201,879	Withhold
TIAA	141,791	0	For
WisdomTree	93,045	0	For
Columbia Threadneedle	89,855	0	For
HOTCHKIS & WILEY FUNDS /DE/	79,500	0	For
First Trust	76,894	0	For
JPMorgan	75,717	0	For
RBB FUND, INC.	74,185	0	For
Prudential/PGIM	70,024	0	For
Russell Investments	0	53,020	Withhold
Principal	49,000	0	For
SEI	0	48,616	Withhold
Equitable	45,364	0	For
AMERICAN BEACON FUNDS	42,420	0	For
Advisors' Inner Circle Fund III	41,208	0	For
Lincoln Financial	35,357	0	For

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

8. Elect Director: Scott A. Evans

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 39,942,007WITHHELD: 477,494

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: Scott A. Evans

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Scott A. Evans”): 39,942,007 for, 477,494 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

The 68 asset managers below reported 7,623,360 for, 109,575 withheld, 6,160 abstained.

FOR

FOR: 7,623,360ABSTAIN: 6,160WITHHOLD: 109,575

Largest asset managers voting on “Election of Directors: Scott A. Evans” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Withheld	Vote
Vanguard	1,182,314	0	For
Dimensional	1,172,261	0	For
Delaware/Macquarie	864,900	0	For
BlackRock	716,944	0	For
Royce	651,807	0	For
Fidelity	546,840	0	For
American Century	496,643	0	For
Invesco	282,765	0	For
Goldman Sachs	206,963	0	For
Charles Schwab	201,879	0	For
TIAA	141,791	0	For
WisdomTree	0	93,045	Withhold
Columbia Threadneedle	89,855	0	For
HOTCHKIS & WILEY FUNDS /DE/	79,500	0	For
First Trust	76,894	0	For
JPMorgan	75,717	0	For
RBB FUND, INC.	74,185	0	For
Prudential/PGIM	70,024	0	For
Russell Investments	53,020	0	For
Principal	49,000	0	For
SEI	48,616	0	For
Equitable	28,834	16,530	Mixed
AMERICAN BEACON FUNDS	42,420	0	For
Advisors' Inner Circle Fund III	41,208	0	For
Lincoln Financial	35,357	0	For

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

9. Elect Director: Sue Anne Gilroy

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

88% Majority: yes · of votes cast

FOR 88%

FOR: 35,562,479WITHHELD: 4,857,022

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: Sue Anne Gilroy

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Sue Anne Gilroy”): 35,562,479 for, 4,857,022 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

The 68 asset managers below reported 4,219,583 for, 3,472,393 withheld, 47,119 abstained.

FORWITHHOLD

FOR: 4,219,583ABSTAIN: 47,119WITHHOLD: 3,472,393

Largest asset managers voting on “Election of Directors: Sue Anne Gilroy” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Abstain	Withheld	Vote
Vanguard	1,182,314	0	0	For
Dimensional	0	0	1,172,261	Withhold
Delaware/Macquarie	0	0	864,900	Withhold
BlackRock	716,944	0	0	For
Royce	651,807	0	0	For
Fidelity	546,840	0	0	For
American Century	0	0	496,643	Withhold
Invesco	282,765	0	0	For
Goldman Sachs	0	0	206,963	Withhold
Charles Schwab	201,879	0	0	For
TIAA	141,791	0	0	For
WisdomTree	93,045	0	0	For
Columbia Threadneedle	0	0	89,855	Withhold
HOTCHKIS & WILEY FUNDS /DE/	0	0	79,500	Withhold
First Trust	0	0	76,894	Withhold
JPMorgan	68,939	6,778	0	Mixed
RBB FUND, INC.	0	0	74,185	Withhold
Prudential/PGIM	0	0	70,024	Withhold
Russell Investments	53,020	0	0	For
Principal	0	0	49,000	Withhold
SEI	48,616	0	0	For
Equitable	28,834	0	16,530	Mixed
AMERICAN BEACON FUNDS	0	0	42,420	Withhold
Advisors' Inner Circle Fund III	0	0	41,208	Withhold
Lincoln Financial	22,534	0	12,823	Mixed

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

10. Elect Director: Tamika D. Catchings

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

88% Majority: yes · of votes cast

FOR 88%

FOR: 35,562,435WITHHELD: 4,857,066

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: Tamika D. Catchings

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Tamika D. Catchings”): 35,562,435 for, 4,857,066 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

The 68 asset managers below reported 4,219,583 for, 3,472,393 withheld, 47,119 abstained.

FORWITHHOLD

FOR: 4,219,583ABSTAIN: 47,119WITHHOLD: 3,472,393

Largest asset managers voting on “Election of Directors: Tamika D. Catchings” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Abstain	Withheld	Vote
Vanguard	1,182,314	0	0	For
Dimensional	0	0	1,172,261	Withhold
Delaware/Macquarie	0	0	864,900	Withhold
BlackRock	716,944	0	0	For
Royce	651,807	0	0	For
Fidelity	546,840	0	0	For
American Century	0	0	496,643	Withhold
Invesco	282,765	0	0	For
Goldman Sachs	0	0	206,963	Withhold
Charles Schwab	201,879	0	0	For
TIAA	141,791	0	0	For
WisdomTree	93,045	0	0	For
Columbia Threadneedle	0	0	89,855	Withhold
HOTCHKIS & WILEY FUNDS /DE/	0	0	79,500	Withhold
First Trust	0	0	76,894	Withhold
JPMorgan	68,939	6,778	0	Mixed
RBB FUND, INC.	0	0	74,185	Withhold
Prudential/PGIM	0	0	70,024	Withhold
Russell Investments	53,020	0	0	For
Principal	0	0	49,000	Withhold
SEI	48,616	0	0	For
Equitable	28,834	0	16,530	Mixed
AMERICAN BEACON FUNDS	0	0	42,420	Withhold
Advisors' Inner Circle Fund III	0	0	41,208	Withhold
Lincoln Financial	22,534	0	12,823	Mixed

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

11. Elect Director: Thomas W. Dinwiddie

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%

FOR: 39,052,973WITHHELD: 1,366,528

Details: description as filed, official tally, votes by 68 asset managers

Description as filed by funds: Election of Directors: Thomas W. Dinwiddie

MERCHANTS BANCORP’s own tally for this item (“Elect Director: Thomas W. Dinwiddie”): 39,052,973 for, 1,366,528 withheld, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 97% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 68 asset managers below reported 7,468,497 for, 264,335 withheld, 6,263 abstained.

FOR

FOR: 7,468,497ABSTAIN: 6,263WITHHOLD: 264,335

Largest asset managers voting on “Election of Directors: Thomas W. Dinwiddie” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Withheld	Vote
Vanguard	1,182,314	0	For
Dimensional	1,172,261	0	For
Delaware/Macquarie	864,900	0	For
BlackRock	716,944	0	For
Royce	651,807	0	For
Fidelity	546,840	0	For
American Century	496,643	0	For
Invesco	282,765	0	For
Goldman Sachs	206,963	0	For
Charles Schwab	201,879	0	For
TIAA	141,791	0	For
WisdomTree	93,045	0	For
Columbia Threadneedle	0	89,855	Withhold
HOTCHKIS & WILEY FUNDS /DE/	79,500	0	For
First Trust	76,894	0	For
JPMorgan	75,717	0	For
RBB FUND, INC.	74,185	0	For
Prudential/PGIM	70,024	0	For
Russell Investments	0	53,020	Withhold
Principal	49,000	0	For
SEI	0	48,616	Withhold
Equitable	28,834	16,530	Mixed
AMERICAN BEACON FUNDS	42,420	0	For
Advisors' Inner Circle Fund III	41,208	0	For
Lincoln Financial	35,357	0	For

Showing the 25 largest of 68 asset managers. See all 68 in the interactive database.

12. 2. A non-binding, advisory vote on the compensation of the Company's named executive officers; and

Outcome not verified Fund totals may overlapSECTION 14A SAY-ON-PAY VOTESReported outcome: Not verified

Combines 9 wordings of this item as funds reported it.

92% Majority: yes · of votes cast

FOR 92%

FOR: 35,179,573AGAINST: 3,025,735

Details: description as filed, official tally, votes by 189 asset managers

Description as filed by funds: A non-binding, advisory vote on the compensation of the Company's Named Executive Officers.

MERCHANTS BANCORP’s own tally for this item (“2. A non-binding, advisory vote on the compensation of the Company's named executive officers; and”): 35,179,573 for, 3,025,735 against, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 92% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice).

Fund voting reports: 68 asset managers voting on “A non-binding, advisory vote on the compensation of the Company's Named Executive Officers.” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Against	Vote
Vanguard	1,182,314	0	For
Dimensional	0	1,172,261	Against
Delaware/Macquarie	864,900	0	For
BlackRock	716,944	0	For
Royce	651,807	0	For
Fidelity	546,840	0	For
American Century	0	496,643	Against
Invesco	282,765	0	For
Goldman Sachs	206,963	0	For
Charles Schwab	201,879	0	For
TIAA	141,791	0	For
WisdomTree	93,045	0	For
Columbia Threadneedle	0	89,855	Against
HOTCHKIS & WILEY FUNDS /DE/	79,500	0	For
First Trust	76,894	0	For
JPMorgan	68,939	6,778	Mixed
RBB FUND, INC.	74,185	0	For
Prudential/PGIM	63,964	6,060	Mixed
Russell Investments	0	53,020	Against
Principal	49,000	0	For
SEI	0	48,616	Against
Equitable	45,364	0	For
AMERICAN BEACON FUNDS	42,420	0	For
Advisors' Inner Circle Fund III	0	41,208	Against
Lincoln Financial	31,909	3,448	Mixed

Fund voting reports, all 68 managers: 5,725,156 for, 2,013,939 against. Showing the 25 largest; see all in the interactive database.

Institutional-manager reports: 141 asset managers voting on “A non-binding, advisory vote on the compensation of the Company's Named Executive Officers.” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Against	Vote
MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST	927,498	0	For
BlackRock	693,247	7,662	For
GEODE CAPITAL MANAGEMENT, LLC	576,067	0	For
American Century	0	512,507	Against
Invesco	448,816	0	For
State Street	400,192	6,251	For
WESTWOOD HOLDINGS GROUP INC	5,400	385,921	Against
Boston Partners	316,464	0	For
Charles Schwab	209,529	0	For
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	251,390	0	For
Janus Henderson	248,299	0	For
MARSHALL WACE, LLP	0	244,574	Against
RBC Capital Markets, LLC	211,822	0	For
JPMorgan	206,642	0	For
Dimensional	0	153,324	Against
PL Capital Advisors, LLC	147,127	0	For
Nuveen	142,583	0	For
Northern Trust	138,695	738	For
Russell Investments	0	86,156	Against
Black Maple Capital Management LP	0	76,981	Against
Goldman Sachs	67,392	0	For
SEI	0	60,216	Against
MELLON INVESTMENTS Corp	59,403	0	For
SAPIENT CAPITAL LLC	57,930	0	For
DE Shaw	56,690	0	For

Institutional-manager reports, all 141 managers: 5,716,883 for, 1,823,040 against, 1,134 abstained, 45,910 not voted. Showing the 25 largest; see all in the interactive database.

13. 3. Ratification of the appointment of Forvis Mazars, LLP as the independent registered public accounting firm of the…

Outcome not verifiedAUDIT-RELATEDReported outcome: Not verified

Combines 2 wordings of this item as funds reported it.

99.9% Majority: yes · of votes cast

FOR 99.9%

FOR: 42,400,698AGAINST: 12,607

Details: description as filed, official tally, votes by 69 asset managers

Description as filed by funds: The ratification of the appointment of Forvis Mazars, LLP (formerly known as FORVIS, LLP) as the Company's independent registered public accounting firm for the year ending December 31, 2025.

MERCHANTS BANCORP’s own tally for this item (“3. Ratification of the appointment of Forvis Mazars, LLP as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2025”): 42,400,698 for, 12,607 against, per its Form 8-K filed May 15, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 99.9% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 69 asset managers below reported 7,740,364 for.

FOR

FOR: 7,740,364

Largest asset managers voting on “The ratification of the appointment of Forvis Mazars, LLP (formerly known as FORVIS, LLP) as the Company's ind” at MERCHANTS BANCORP, 2024-2025
Asset manager	For	Vote
Vanguard	1,182,314	For
Dimensional	1,172,261	For
Delaware/Macquarie	864,900	For
BlackRock	716,944	For
Royce	651,807	For
Fidelity	546,840	For
American Century	496,643	For
Invesco	282,765	For
Goldman Sachs	206,963	For
Charles Schwab	201,879	For
TIAA	141,791	For
WisdomTree	93,045	For
Columbia Threadneedle	89,855	For
HOTCHKIS & WILEY FUNDS /DE/	79,500	For
First Trust	76,894	For
JPMorgan	75,717	For
RBB FUND, INC.	74,185	For
Prudential/PGIM	70,024	For
Russell Investments	53,020	For
Principal	49,000	For
SEI	48,616	For
Equitable	45,364	For
AMERICAN BEACON FUNDS	42,420	For
Advisors' Inner Circle Fund III	41,208	For
Lincoln Financial	35,357	For

Showing the 25 largest of 69 asset managers. See all 69 in the interactive database.

Largest MERCHANTS BANCORP shareholders voting in 2024-2025

Ranked separately for each type of Form N-PX report. An institutional manager can report shares that a fund it advises also reports, so the two tables can list the same shares and are never added together. Each is ranked by the shares voted on the item that the most managers of that type reported, shown as a share of the 45,881,706 shares outstanding at the time of that meeting.

Fund voting reports: top MERCHANTS BANCORP shareholders by shares voted on “A non-binding, advisory vote on the compensation of the Company's Named Executive Officers.”, 2024-2025
#	Asset manager	% of shares outstanding
1	Vanguard	2.58%
2	Dimensional	2.55%
3	Delaware/Macquarie	1.89%
4	BlackRock	1.56%
5	Royce	1.42%
6	Fidelity	1.19%
7	American Century	1.08%
8	Invesco	0.62%
9	Goldman Sachs	0.45%
10	Charles Schwab	0.44%

Institutional-manager reports: top MERCHANTS BANCORP shareholders by shares voted on “A non-binding, advisory vote on the compensation of the Company's Named Executive Officers.”, 2024-2025
#	Asset manager	% of shares outstanding
1	MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST	2.02%
2	BlackRock	1.53%
3	GEODE CAPITAL MANAGEMENT, LLC	1.26%
4	American Century	1.12%
5	Invesco	0.98%
6	State Street	0.89%
7	WESTWOOD HOLDINGS GROUP INC	0.85%
8	Boston Partners	0.69%
9	Charles Schwab	0.55%
10	HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	0.55%

Reported MERCHANTS BANCORP holdings and ownership

As disclosed to the SEC in Form 13F (quarter-end holdings of 30 large managers), Schedules 13D and 13G (beneficial ownership above 5%) and the company’s own proxy statement (DEF 14A). Each row names its form.

MERCHANTS BANCORP holdings and ownership disclosed for the 2024-2025 proxy season
Holder	% outstanding	Disclosure
Michael F. Petrie	27.41%	13G
Randall D. Rogers, Jr.	8.23%	13G
BlackRock	3.33%	13F
Dimensional Fund Advisors	3.03%	13F
Vanguard Group	2.69%	13F
Geode Capital	1.26%	13F
Invesco	1.05%	13F
State Street	1.01%	13F
Morgan Stanley	0.61%	13F
JPMorgan Chase	0.58%	13F

Percentages above are of 45,881,706 shares outstanding, as reported by MERCHANTS BANCORP on its Form 10-Q dated March 31, 2025 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, not today’s. Each holding is as of its own filing, which may be dated before or after the meeting.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered funds disclose how they voted every proxy and institutional managers disclose their votes on executive pay (say-on-pay, say-on-frequency and golden parachutes), and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from MERCHANTS BANCORP’s 10-Q dated March 31, 2025. This page is a static snapshot rebuilt weekly on October 14, 2026; a live search always shows the current data.

At MERCHANTS BANCORP's shareholder meeting held May 15, 2025, in the 2024-2025 proxy season, 189 asset managers reported how they voted on 13 ballot items in their SEC Form N-PX filings, covering 2,983 separate fund positions. On the most widely held item on that ballot — A non-binding, advisory vote on the compensation of the Company's Named Executive Officers. — FOR was 92% of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side), which is more than half. Whether the item was approved is for the filing to say; that statement has not been read for this item. Source: MERCHANTS BANCORP's Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on May 15, 2025.

MERCHANTS BANCORP proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.

Download data (CSV): ballot items · votes by manager · column guide.